Name the other two major categories of resources.

Reference no: EM13970047

PROBLEM SET 3

1) What is human capital, and how is it different from strictly the quantity of workers available for work? Name three ways to increase a nation's human capital. Is an increase in the size of the labor force also an increase in the human capital? Explain your answer.

2) The Rule of 70 applies in any growth rate application. Let's say you have $1000 in savings and you have three alternatives for investing these funds.

a. A savings account earning 1% interest per year.

b. A U.S. Treasury bond mutual fund earning 3% interest per year.

c. A stock market mutual fund earning 8% interest per year.

d. How long would it take to double your savings in each of these 3 accounts?

3) Modern economic theory points to three sources of economic growth. What are these three sources? Give an example of each.

4) Explain why a nation cannot continue to grow forever just by adding capital.

5) The Solow model focus on how resources affect output. This module/week, you focused on capital.

a. Name the other two major categories of resources.

b. Draw an aggregate production function with a typical shape; label this function F. (label all curves and axis).

c. Draw a second production function that indicates a technological advancement; label this new function F1. (label all curves and axis).

Reference no: EM13970047

Questions Cloud

Describe and derive expression for the marginal cost curve : How would expanding the business affect the economies of scale? When would you have constant returns to scale or diseconomies of scale? Describe your answer.

Which specific cognitive distortions is angela exemplifying : What are the major assumptions of cognitive therapy? Explain several of its major concepts. Please select one or more concepts that other students have not already defined. Which specific cognitive distortions is Angela exemplifying

Which approach to family therapy would ideal for this family : Which approach to family therapy would be ideal for this family (e.g., structural, solution-focused, Bowenian)? Explain your thoughts and support your choices with aspects of the text or other scholarly sources

Evaluate legal issues that francine boyd bring against bac : Compare the laws and practices of your selected country with what exists with your company. Which law applies? Analyze the extraterritorial impact of U.S. employment law.

Name the other two major categories of resources. : What is human capital, and how is it different from strictly the quantity of workers available for work? Name three ways to increase a nation's human capital. Is an increase in the size of the labor force also an increase in the human capital? Exp..

What mode of treatment maximizes the expected value : here are three modes of treatment: Mode A, B, and C; and three possible states of nature: 1. Treatment succeeds and patient leads a normal life, 2. Patient survives treatment but is permanently disabled, and 3. Patient fails to survive treatment. ..

Write a paper on trend of global temperature polarization : Write a paper on The Trend of Global Temperature Polarization.

Analyze the case of finance- chilliwacky corporation : Analyze the case of finance- Chilliwacky Corporation

User Account

All Pages